Coach to Buy Kate Spade in $2.4 Billion Deal

Coach announced Monday that it will buy rival luxury-goods maker Kate Spade in a $2.4 billion deal. The boutique retailer and design house will purchase the popular bag and accessory-maker at $18.50 per share and will create a combined “leading luxury lifestyle company.” According to a statement, the two have a “significant expertise in handbag design, merchandising, supply chain and retail operations.” In the release, Coach CEO Victor Luis said “Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials.”